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Frequently Asked Questions

Should I get a preapproval letter before shopping for a home?

Having a preapproval letter ready when shopping for a home will help ensure your home purchase offer is taken seriously by sellers and real estate agents. It’s also important to attach your preapproval letter to your offer to show you’re actively taking the steps necessary to purchase the home. You can customize your preapproval letter to include a specific dollar amount and property address through your Paddio account online.

How can I help my loan close on time?

Please check your Paddio account on a regular basis and complete any open tasks as soon as possible. Let your loan officer know right away if you expect a change in employment or income, and avoid opening new lines of credit. For example, avoid opening a new credit card, purchasing a vehicle or putting furniture on a payment plan.

What type of mortgage should I get?

There are quite a few mortgage loan options available to homebuyers, each with pros and cons. Your loan officer can walk through these options with you and find the right loan product to achieve your homebuying goals.

Why do you need more documentation from me after I’ve been preapproved?

Once you’re under contract with the seller, loan underwriters typically need additional documentation to complete the mortgage process. The underwriters’ responsibility is to confirm that the borrower(s) and home meet all guidelines. Any additional documentation needed by our underwriting team will be added to your to-do list in your Paddio account.

Why do you require a credit check?

A credit check provides the necessary information to ensure we can approve the home loan. Credit reports give lenders a complete picture of a borrower’s ability to manage debt, including any existing debt or open lines of credit.

When is the right time to refinance my home?

Whether you’re looking to reduce your interest rate, lower your monthly payments, pay your mortgage off faster or leverage the equity in your home, it’s a good idea to speak with a loan officer. Everyone’s situation and goals are unique, and Paddio’s team is trained to advise you on the best path forward, even if that means you shouldn’t refinance.